Banco Nación cuts interest rates on personal loans

Banco Nación is lowering interest rates on personal loans by between six and 10 percentage points, targeting customers who receive their salaries or pension benefits through the state-owned bank.

The bank said the preferential rates would reduce monthly payments and expand access to financing. It gave the example of a customer borrowing 10 million pesos over 72 months. The initial installment would drop from 582,839 pesos to 518,328 pesos, a reduction of 64,511 pesos, or 11.1%. The minimum income required to apply for the loan would also fall from 1,665,252 pesos to 1,480,938 pesos.

Banco Nación said the move seeks to widen financial inclusion among workers and retirees who regularly use the institution. The bank holds 17.6% of the deposit market and 19.2% of lending to the private sector.

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The measure allows customers to obtain lower installments and increase their access to financing.

The rate cut comes amid debate over high household debt in Argentina. Private estimates cited by the article indicated that loan delinquency rose again in July after a slight decline in June. Banco Nación has introduced several measures this year to refinance debts and credit-card balances, while other public banks have launched credit lines aimed at improving borrowers’ financial standing.

In late May, Banco Nación launched a “solutions kit” to help customers organize debts and refinance cards. By late July, it said the program had generated more than 62,000 refinancings worth over 310 billion pesos, alongside a new digital, self-service option. The bank said these measures can consolidate and extend repayment periods, lower monthly obligations and help customers regain their ability to pay.

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These measures allow customers to consolidate and extend the terms of their obligations, as well as reduce the monthly burden of commitments, providing a concrete solution for those who need to reorganize their personal finances and regain their ability to pay.